Mark Zuckerberg announcing on Facebook has stated that Facebook Pay has been rebranded to Meta Pay, calling it a “first step” towards the creation of a digital wallet for the metaverse.
Fortunately, the software itself won’t be changing all that much. Users can still use it to send money to friends and family via Facebook, WhatsApp, Instagram and even pay for purchases as well as make charitable donations.
That said it’s clear that the rebranding sets it up squarely to be THE currency and payment method for Meta’s (very open and collaborative…) metaverse.
How will Meta Pay work?
Zuckerberg envisions a future where Meta Pay will be used as a universal wallet for all digital items that are bought or created in the metaverse. He said, “Proof of ownership will be important, especially if you want to take some of these items with you across different services. Ideally, you should be able to sign into any metaverse experience and everything you’ve bought should be right there.”
The Meta CEO also hopes that Meta Pay becomes the de-facto wallet of the metaverse, a virtual space he calls ’the future of the internet’. Zuckerberg admits the sort of interoperability he’s describing is a long way away but claims it would “deliver much better experiences for people and larger opportunities for creators.”
There’s no doubt that Meta (even putting aside the fact that it rebranded its name to reasonate with the metaverse) is arguably the most determined behemoth company that’s leading the metaverse race, and while it’s still in its early stages, we can’t wait to see the finished product that (most of) the big names are dreaming of.